Hi all I have paid a deposit on a new build, it won't be ready for 24months. I am due to sign contracts this week and cant help feeling nervous about the wait time - just afraid circumstances might change. They shouldn't but estate agent has advised once we sign this week there is no changing our mind. Has anyone else had this long of a wait time for house to be ready and did all go OK?
24 months is a crazy lead time and certainly not normal. The norm would be more 6-12 months in my experience.
I would not buy a house that had this much lead time.
For us it has been over a year. Put down the deposit in May last year and only at the snag/desnag stage now. The contract gave them three years to complete it!
We are near 24 months from deposit, and still not at snagging.
I think that's the way it's going. Sometimes developers pause work on phases and prioritise later phases that have been bought by social housing.
24 months? That's insane wait time. 6-12 months would be the norm
You do realise they also don't have to sell it to you when it is completed too? If they can make more money because house prices risen in the time they were building they may make that decision. The contracts are very lopsided